The crypto market became filled with new fears as one wallet linked to Ethereum co-founder Joseph Lubin shifted over $170 million in ETH. It sparked FUD and massive selloff concerns amid the latest ETH price crash.
Ethereum Co-Founder Joseph Lubin Moves $170M In ETH
According to Arkham Intelligence data, Lubin transferred around 110,000 ETH, valued at nearly $170.8 million, on Saturday, June 6. The transfers have been made in several transactions over the last several hours.
On-chain crypto tools analysis indicates 40,000 ETH (worth approximately $61.92 million) was moved in the first transaction. Thereafter, Lubin transferred another 40,000 ETH worth roughly $61.74 million. Further, the next transfer was of 30,000 ETH, equivalent to around $47.12 million.
The receiving addresses are unmarked wallets. As the transactions gained traction on the crypto social media, experts questioned if Lubin was planning to sell Ethereum. Analyst Ted Pillows wrote on X, “A wallet related to Ethereum’s co-founder Joseph Lubin moved $170,780,000 in $ETH to a new address. This is the first outflow in 3+ years.”
Pillows even questioned, “Is he planning to sell?” These movements often create a sense of fear, uncertainty, and doubt (FUD) within the market. Such FUD ensues especially when movements comes from wallets associated with well-known industry leaders amid crypto market bloodbath.
A wallet related to Ethereum’s co-founder Joseph Lubin moved $170,780,000 in $ETH to a new address.
This is the first outflow in 3+ years.
Is he planning to sell? pic.twitter.com/F9UmeJ1F5h
— Ted (@TedPillows) June 6, 2026
For further context, Arkham labels the wallet as possibly associated with Lubin and links it to a “Genesis Block Address.” However, the latest transfers haven’t emptied the address of its Ethereum reserves. The portfolio displays the ownership of around 133,299 ETH, worth around $211.15 million, per current data.
ETH Price Falls Below $1,600
The move is coming at a time when Ethereum and the overall crypto market are both facing turbulence. According to market data at press time, the ETH price was $1,586.08 with a 4.93% drop over the last 24 hours.
The market capitalization of the Ethereum was valued at approximately $191.41 billion. ETH even lost its hold as the second largest crypto by market cap as Tether’s USDT took that spot. Meanwhile, ETH’s 24-hour trading volume was valued at $35.37 billion.
Moreover, Ethereum has been under massive sell pressure in recent weeks, as its price chart shows a dramatic drop from above $2,000 earlier this quarter. Further, it recorded a massive $271.40 millon in long liquidations in the past 24 hours, per CoinGlass. It could further exacerbate the ongoing selling pressure.
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